Sheridan, who co-created the original "Yellowstone," is set to serve as executive producer, along with David C. Glasser, John Linson, Art Linson, Spencer Hudnut, Luke Grimes, Ron Burkle, David Hutkin and Bob Yari. Hudnut is set to helm the series as showrunner.

CBS announced that a new 'Yellowstone' spinoff will premiere midseason next year, starring Luke Grimes as his beloved character Kayce Dutton

Luke Grimes will once again play Kayce, the youngest of the Dutton siblings and a former Navy SEAL. When fans last saw the character, he had retained a small part of the Yellowstone Dutton ranch for his family after selling off the majority to the Broken Rock Indian Reservation.